Iron ore doom only a matter of time

Thursday, 14 September 2023

Country Garden has defaulted again:

Distressed Chinese developer Country Garden Holdings Co. showed more signs of progress in its attempt to manage one of the biggest debt loads of any property firm globally—at least for now.

Two holders of a yuan bond from the builder have received interest that will fall due Thursday, they said late Wednesday in China, asking not to be identified speaking about a private matter. The amount of interest due is 62.1 million yuan ($8.5 million), according to Bloomberg-compiled data.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.